Private equity investor Nordic Capital has agreed to buy national advice firm Ascot Lloyd from Oaktree Capital Management.
The deal is subject to regulatory approval.
Nordic Capital has a range of investments across the financial services, healthcare, tech and payments, and industrial and business services sectors.
It said its aim is to partner with Ascot Lloyd’s management to “support the company’s client offering”.
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That includes further developing Ascot Lloyd’s digital proposition, accelerating organic and inorganic growth, and greater focus on sustainable savings.
Oaktree has invested in the business since 2013 and acquired Ascot Lloyd in 2017.
Ascot Lloyd has around £10bn in funds under influence and provides financial planning, wealth management and corporate benefit solutions to 20,000 core clients.
It has 500 staff across its 17 UK locations.
Nordic Capital Advisors partner and head of financial services Christian Frick said: “Nordic Capital has a strong track record within the financial services sector and, together with the company and its high-quality team, will further develop Ascot Lloyd’s client offering and investment management proposition.
“Nigel and his team have built an outstanding business with a multi-year track-record of delivering high quality growth and Ascot Lloyd’s strong brand, client centric culture and proven ability to deliver organic and inorganic growth makes it enviably positioned.”
The terms of the transaction are not disclosed.
In February last year, Ascot Lloyd secured funds from Ares Management Corporation, to boost its acquisition plans.
The financing, for which the amount has not been disclosed, will be used to support Ascot Lloyd’s “ambitious growth strategy” and will further increase the capital available for acquisitions to over £100m.
The firm had completed 12 acquisitions during 2020, adding £6.5m Ebitda.
In August last year, the company completed the acquisition of Aberdeen-based Central Investment Services, adding £761m in funds to the wider group.
The deal announced today includes the acquisition of the interests of Ares Management Corporation.
Source: Money Marketing
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